Comptroller Criticizes Job-Making Agencies

Receive the latest business updates in your inbox

New York Comptroller Thomas DiNapoli says that although local industrial development agencies gave tax breaks to 300 more projects in 2007, the IDAs created 2,000 fewer total jobs.

His report also says the cost to the public for the tax breaks and other incentives to create each job through an IDA increased to $4,527 in 2007, up from $4,195 the year before.

IDAs are common statewide and are led by boards appointed by municipal and county officials. They offer tax breaks, discounted space, low-interest loans and other resources for a period of time to help companies retain and attract jobs.

IDAs, however, have been criticized for decades for a lack of accountability, both on the tax breaks and the companies that get the benefits.